@article{117,
  keywords = {Decision making, Economics, Economic analysis, Economic dynamics, Economic behaviour, Bias, Utilitarianism},
  author = {Matthew Jackson and Leeat Yariv},
  title = {Present bias and collective dynamic choice in the lab},
  abstract = {We study collective decisions by time-discounting individuals choosing a common consumption stream. We show that with any heterogeneity in time preferences, utilitarian aggregation necessitates a present bias. In lab experiments three quarters of {\textquoteright}social planners{\textquoteright} exhibited present biases, and less than two percent were time consistent. Roughly a third of subjects acted as if they were pure utilitarians, and the rest chose as if they also had varying degrees of distributional concerns. (JEL C91, D12, D71, D72)},
  year = {2014},
  journal = {American economic review},
  volume = {104},
  pages = { - 4204},
  month = {Dec 2014},
  isbn = {0002-8282, 0002-8282},
  url = {https://search.proquest.com/docview/1642628012?accountid=13314},
  note = {plain_text},
  language = {eng},
}